The U.S. House of Representatives has handed the Financial Innovation and Technology for the 21st Century Act (FIT21) with strong support from both parties. This legislation will be looking to define the roles of the SEC and CFTC in cryptocurrency law, enhance disclosure of the issuer, and make sure there is segregation of customer funds.
Despite opposition from President Joe Biden and SEC Chair Gary Gensler, the bill received large backing from both Democrats and Republicans who argued that it will foster innovation even as it will aim to provide regulatory clarity and investor safety.
The FIT21 Act now awaits approval by the Senate and a possible response from President Biden on whether or not to signal it into regulation or veto it. The final outcome of these delegations may inadvertently have significant implications on the look of things to come for cryptocurrency regulation in the United States.
